A proposed affordable housing by Exclusive Charm Sdn. Bhd. along Jalan Sungai Rusa in Balik Pulau, Penang. It is located immediately opposite of Pinang Village housing scheme, next to SK Sungai Pinang. This development comprises a 30-storey building with 220 affordable units, and six units of shop lots.

This project is still pending for approval. More details to be available upon project launch.

READ MORE ABOUT AFFORDABLE HOUSING:

• Eligibility and the requirement of buying affordable housing
• Full list of affordable housing in Penang

For registration details, you may refer to http://erumah.penang.gov.my/

Property Project: (Pending)
Location : Balik Pulau, Penang
Property Type : Affordable housing
Land Tenure : Freehold
Indicative Price : RM400,000 and below
Developer : Exclusive Charm Sdn. Bhd.

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Perennial Real Estate Holdings Limited (PREH) announced on Tuesday (Apr 21) that it has entered into a joint venture to acquire a freehold waterfront site in Penang, Malaysia to be developed into a large-scale integrated mixed-use development.

The 50-50 joint venture between the group’s Singapore-incorporated subsidiary Perennial Penang Pte Ltd and IJM Land Berhad will turn the site into what it describes as “Penang’s first mega integrated waterfront icon” with “retail, entertainment, recreational, residential, business, hospitality and Meetings, Incentives, Conventions and Exhibitions components”.

When ready, the 1.4 million sq ft waterfront site in Gelugor town along Penang’s eastern coastline will be converted into a complex housing a shopping mall, thematic shops, residential towers, an office tower, two hotels with more than 750 rooms, as well as a convention centre, spanning across 4.1 million sq ft in total gross area.

In close proximity will be landmarks such as the first and second Penang Bridges, and Phase 1 of The Light Waterfront Penang, a residential development by IJM Land. The total development cost is estimated to be more than 3 billion ringgit (S$1.1 billion).

The waterfront integrated mixed-use development will be jointly managed by the two partners and is expected to complete in phases, starting from 2018.

PREH’s chief executive officer Mr Pua Seck Guan said the prime sizeable development offers “a unique opportunity to establish a one-stop retail-cum-lifestyle destination imbued with the life and spirit of Penang’s cultural heritage”.

He also expressed his confidence in turning it into “one of the finest waterfront integrated precincts in Penang that will appeal to both locals and tourists” considering both partners’ “complementary expertise and experience in developing and managing large-scale integrated commercial developments in China and Singapore”.

Mr Pua added: “The joint venture in Penang also marks the Group’s first foray into a new market which will augment our existing business in core markets of China and Singapore and diversify our investment portfolio to generate sustainable returns over the longer term.”

Chief executive officer and managing director of IJM Corporation Berhad Mr Soam Heng Choon believes the development will boost Penang’s tourism and economic standing.

“The development of the integrated waterfront city will transform the waterfront landscape of Penang and will further position the state at the forefront among investors and tourists,” he said.

Source: Channel NewsAsia

The Penang state government is working on expanding the development of Batu Kawan, so that it can tap into the new infrastructure of South Seberang Prai.

According to investPenang director Datuk Lee Kah Choon, there were 6,000 acres of land available for development in Batu Kawan with the second bridge and new roads in the area servicing the needs of new development projects there.

Lee said the state government had earmarked a 1,500-acre site south of the second Penang Bridge for industrial development.

“North of the industrial site, another 2,000 acres is set for mixed-development projects, and residential and eco-tourism developments will take up two adjoining 1,000-acre sites.

“About 60% of the site earmarked for industrial estate has been taken up by local and foreign companies. The Aspen Vision City (AVC), which includes the Ikea store project, the Penang International Technology Park (PITP) and the RM1bil Penang Designer Village, will be located in the mixed-development site.

“Meanwhile, a golf course and a theme park are being planned for the eco-tourism site,” he revealed, adding that some 12,000 affordable high-rise units would be developed on a 200-acre site for the residential component.

With all this, Sebarang Prai is expected to become the choice investment destination for mega-scale commercial projects in the northern region.

As it is, the mainland has for the past one year, attracted investments from Aspen Group Holdings Sdn Bhd, PE Land Sdn Bhd’s and Temasek.

The Aspen Group is investing RM8bil into the AVC mixed-development scheme, while PE Land is planning its RM1bil Penang Designer Village.

The AVC, located on a 99.1ha site, comprises hotels, a mini-banking district, residential properties, healthcare facilities, and international schools, while the Penang Designer Village will accommodate a RM200mil premier shopping outlet, a 300-room international hotel, and F&B outlets on a 16.2ha site.

Last year, Temasek signed an agreement with the Penang Development Corporation to develop the Penang International Technology Park (PITP) in Batu Kawan. More recently, the Belleview Group announced plans for a RM2.5bil mixed-development project, which will include the largest shopping mall in the northern region.

Certainly, the new second bridge connecting Batu Kawan in South Seberang Prai to Batu Maung on the island has helped channel interest from investors to Seberang Prai. In addition, a steady hike in commercial property prices since 2011 has captured the attention of investors.

Henry Butcher Seberang Prai senior manager Fook Tone Huat said the sub-sale price of commercial property had increased between 50% and 100% since 2011, depending on the location.

“The three-storey shop offices in Bandar Sunway in Seberang Jaya has increased to RM600psf from RM300psf in 2011. Similar properties in Bandar Perda are now priced at RM330psf compared to RM200 in 2011, while in Jalan Raja Uda, the price is RM380psf compared to RM260 four years ago. In Bukit Mertajam, the three-storey shop offices are now priced at RM300psf compared to RM200 in 2011.

“The price of new commercial properties in good locations of Seberang Prai are around RM3,800psf compared to the subsale price of about RM300 to RM380psf,” Fook said.

According to Fook, about 80% of shop offices in Seberang Prai are occupied, leaving the overhang figure insignificant. He said prices of shop offices might increase by about 5% this year due to the GST. This could cause a slight drop in commercial property transaction volume in Seberang Prai.

The transaction for commercial properties in Seberang Prai in 2014 is projected to have been between 1,100 and 1,200 units at a value of RM560mil, according to Fook. Up to the third quarter of 2014, there were 923 units transacted at RM426mil.

Strong demand for three-storey shop offices is reflected by good bookings seen at the Verve project by Aspen.

“Since February 2015, the Verve project, comprising 441 units, is already 75% booked. The units are priced between RM380psf to RM520psf,” Fook said.

Aspen chief executive officer Datuk M. Murly says the Verve, on a 35-acre freehold land, is the largest gated and guarded commercial precinct developed in Penang.

On AVC, Murly says the value of the project will be enhanced by the Ikea shopping mall that is being planned next to it. The first phase of AVC is scheduled for completion in 2018, and the whole project in 2025.

“Our strategy for AVC is to build the commercial components first to create a demand for the residential properties that will be attractively priced. There will be workers who would want to stay close to where they work. The objective is to develop Batu Kawan in such a manner that it mirrors the vibrancy of the island,” Murly said.

On its RM2.5bil integrated development project, Belleview Group managing director Datuk Sonny Ho says the scheme would be located on a 8ha site.

“The shopping mall, the largest in the north, will have a 1.2mil sq ft of built-up area. There will also be a four-star hotel, an Olympic-sized skating rink, a 20-screen cineplex and a high-rise residential lifestyle condominium component with 978 units,” he added.

Source: TheStar.com.my

The developer of a proposed high-density development in Tanjung Bungah has agreed to reduce the number of storeys of the project’s two 49-storey buildings.

Penang Island City Council mayor Datuk Patahiyah Ismail said the developer verbally agreed to revise the building plans after she conveyed the concerns of the residents in Tanjung Bungah.

“I contacted the developer on Tuesday as the residents are worried about the height of the buildings.

“They also voiced concerns about the traffic congestion which the new development will cause in the area.

“So we have look into the matter and discuss with the developer to find an amicable solution,” she told a press conference after the full council meeting at the City Hall yesterday.

Patahiyah said the developer would submit the new building plans to the MBPP in two weeks’ time.

The project originally comprised of two 49-storey buildings with a total 550 units and a 34-storey building featuring 343 units.

A total of 21 bungalows will also built under the project.

Patahiyah also said that several road stretches in the area would be upgraded to ease the traffic congestion problem there.

Council Engineering Department deputy director A. Rajendran explained that the developer needed to finish the road upgrading works before starting work on the project.

The roads that will be upgraded are Lebuh Sungai Kelian, Jalan Sungai Kelian, Jalan Loh Poh Heng, Jalan Lembah Permai and Lorong Lembah Permai 3.

“All the roads will be upgraded to four lanes.

“Speed tables will also be installed in Lintang Lembah Permai 1 and Lorong Lembah Permai 3,” he said.

It was reported on April 7 that Tanjung Bungah residents were concerned over the proposed high-density development.

They feared it would cause more traffic jams in the area.

Desa Embun Emas Apartments Council chairman George Lee had said that the residents foresaw an additional 2,000 cars travelling in the vicinity based on an estimation of two cars per household at the new project.

The residents wanted all their issues and concerns to be properly addressed before any approval could be given to the proposed project.

Source: TheStar.com.my

Related news:
Folk fear high-density project may cause traffic woes
Council to discuss residents’ concerns with high-rise developer

Eco World Development Group Bhd plans to launch the first residential phase for its RM10bil Eco Marina project in Batu Kawan in nine to 12 months.

Group chief executive officer Datuk Chang Khim Wah (pic) said the residential component of Eco Marina comprised high-rise and landed properties in gated and guarded schemes.

“The residential properties will be priced similarly to those on the island.

“There will be mid-end and high-end properties planned for Eco Marina,” he said.

Chang was speaking after accepting the letter of award to develop a mixed-development project on a 129.4ha site in Batu Kawan from Penang Development Corp general manager Datuk Rosli Jaafar.

Also present were Penang Chief Minister Lim Guan Eng and Eco World chairman Tan Sri Liew Kee Sin.

Chang said the commercial components would eventually include a retail scheme, an international brand-name hotel, international schools and food and beverage outlets.

Chang said the golf course on a 60.7ha site would be developed behind the residential and commercial components, fronting the sea and overlooking the island.

“There will be a 2.5km coastline on the north-western boundary of the project.

“The entire development will take over 10 years to develop,” Chang added.

Meanwhile, Liew said Eco Marina would be marketed across the world.

“We are an international brandname, so there will be cross-market selling,” Liew said.

On the economic challenges facing the property market, Liew said there would always be good and bad times.

“In bad times, there is a need for more meticulous planning to adopt the best strategy to stay on top and simply be the best,” Liew said.

Source: TheStar.com.my